The Energy department of the US government have given Ford, Nissan and Tesla a total sum of $8 billion. This money will be going towards the development of electric cars, aswell as creating new jobs for the industry.
The US government has given the low interest loans to help increase jobs in the industry, aswell as creating new greener cars.
The money is being split into different sums. Ford has been given the majority of the loan, $5.9 billion. This money is going to be used to develop entirely new electric cars, aswell as new tech for gasoline engines.
This money is very good for Ford because of the very low interest rate of 3.75%. If Ford had tried to get this money on the market, they would end up paying double figure interest rates.
As for Nissan, they are getting the second biggest chunk of the cash, $1.6 billion. Nissan have said that the money will be going towards the development of lithium ion batteries which are being developed in one of their car plants. These new batteries created will then be placed into a new electric car for 2012.
Finally Tesla, they are only getting a small sum comapred to the likes of Ford. Tesla will only be receiveing a loan of $465 million. A new factory in California is being developed to create their new Model S Sedan using part of their loan. The other money will be spent on creating new greener car parts for other car makers.
Now they have received this money, we should start seeing a large number of electric cars being developed and released onto the car market. It would save even more money for leasers if you could choose an electric car. I imagine a huge number of people with a Ford Lease or Nissan Lease would love to have an electric car as this would save them even more money.
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